In response to rising oil price, India said it would sell dollars to the country’s three state-run oil refiners through a designated commercial bank, to shift the bulk of the refiners’ demand for dollar away from open market. Indian rupee gained 1.6% mid-day. The S&P BSE SENSEX Index gained 1.5%. Indian rupee gained 1.5% against the dollar.

A controlled fire on a farm in Brazil cut off electricity supplies to millions of people in the country’s poor northeast, reviving concerns over the reliability of the country’s electric power grids. Ibovespa Brasil Sao Paulo Stock Exchange Index lost 0.5%.

Mexican Stock Exchange Mexican Bolsa IPC Index lost 1%.

Emerging Markets Stocks in the News:

Cash-strapped OGX Petroleo e Gas Participacoes SA(BR:OGXP3) said its Malaysian partner Petroliam Nasional Bhd., or Petronas, can’t back out of a deal to invest $850 million. OGX had agreed to sell a 40% stake in Tubarao Martelo to Petronas, but this week Petronas said it would not complete the deal till OGX finished debt restructuring first. OGX slumped 17.4% yesterday.

Three directors at China solar maker Suntech Power Holdings (STP) quit, saying the company has no business plan. Its shares gained 3%.

China-based Simcere Pharmaceuticals (SCR) agreed to be taken private in a deal that valued it at $517 million. The takeout offer represented a 21% premium over the company’s closing price on March 8 before the announcement. It is a management-led buyout.

Mining equipment maker Joy Global (JOY)’s third-quarter earnings fell but beat estimates. The company approved a three-year $1 billion share repurchase program to prop up its shares, which have lost 23% of its value this year.

About Emerging Markets Daily

Emerging markets have been synonymous with growth, but the outlook for individual nations is constantly changing. Countries from Brazil and Russia to Turkey face challenges including infrastructure bottlenecks, credit issues and political shifts. Barrons.com’s Emerging Markets Daily blog analyzes news, data and research out of emerging markets beyond Asia to help readers navigate the investment landscape.

Barron’s veteran Dimitra DeFotis has been blogging about emerging market investing since traveling to India and Turkey. Based in New York, she previously wrote for Barron’s about U.S. equity investing, including cover stories and roundtables on energy themes. Dimitra was among the first digital journalists at the Chicago Tribune and started her career as a police reporter at the Daily Herald in the Chicago suburbs. Dimitra holds degrees from the University of Illinois and Columbia University, where she was a Knight-Bagehot Fellow in the business and journalism schools. She studies multiple languages and photography.